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Given Assai's scale, we view itim's selection as a data and analytics solution provider as a meaningful endorsement of the quality of itim's product suite, which bodes well for the group's ability to win further new customers in the near term. While we leave our forecasts unchanged this morning, we note that the length of the contract (in line with similar recent contract wins from the group) should underpin growing levels of recurring revenues for the years to come. With a number of material co
Companies: Itim Group PLC
Zeus Capital
Following the announcement of in-line full year results last week and a string of recent contract wins, today's news marks a further positive development for itim, with the announcement of a contract renewal with one of the group's flagship customers. With positive progress on new contracts adding incrementally to recurring revenues and actions being taken on costs, we view itim as well placed to deliver throughout the remainder of 2024 and beyond, with real potential for outperformance should
itim is a disruptive SaaS and services platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has reported full year results to 31 December 2023, in line with February's trading update and with significant progress in product development and notable contract wins post-year end. Revenue in the year increased 15%, primarily driven by a 54% increase in service revenue, as itim looked to shift its focus from subscription growth to paid-for se
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has announced an additional professional services contract with its long-standing client, The Entertainer. Following a year-long trial, The Entertainer is opening in over 800 Tesco stores across the UK & Ireland, alongside a supplier agreement for Tesco stores across Central Europe. Under the contract, The Entertainer will extend its use of itim's Unify
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has provided a positive trading update for the year to 31 December 2023, reporting revenue in line and EBITDA ahead of our expectations, with a notable increase in service revenues as the group looks to shift its focus towards profitability and sustainable cash generation. The recent ‘go-live' of a ‘multi-million' pound contract with Quiz Clothing is a
itim has experienced a difficult period in the last couple of years against a challenging retail market backdrop but this morning's announcement is highly encouraging and helps to underpin our forecasts for the current financial year and beyond. We believe that itim's product range is well positioned for an industry transitioning to Omni-channel retail, and the investment made in enabling fashion retailers to adopt The Retail Suite solution should open up a further segment of the retail market f
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution. H1 results this morning point to a continuation of challenging trading conditions in the group's core retail market, with FY24 and FY25 forecasts adjusted downwards this morning to account for slower than anticipated new customer acquisition. Despite this, H1 revenue increased 9% over H1 2021 to £7.4m, reflecting the benefit of recurring revenue won last year, with ARR at the
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution to compete successfully with online-only players. The group has this morning released its full year results for the year to 31 December 2022, reporting revenues and earnings in line with our recently adjusted forecasts and showing positive growth in ARR. With contract conversion slower than previously anticipated in the period, revenue is reported to have increased 4% over the
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven Omni-channel solution to compete successfully with online-only players. The group has this morning released an update for the year to 31 December 2022, pointing to revenue marginally below our forecast at £14.0m (WHI est. £14.2m), with EBITDA and PBT similarly expected to be £0.2m below our expectations. ARR in the year increased by c.17% to £13.0m, £1.0m below the company's £14m original stated tar
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to successfully compete with online only players. The group has this morning released interim results to 30 June 2022, pointing confidence in meeting its stated ARR target of £14m by the end of 2022, this standing at £12.6m as at 30 June 2022. However, with contract timings delayed, a step up in investment to build out the business, alongside wider wage inf
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to compete successfully with online only players. The group has this morning released full-year results in line with February's trading update that pointed to an EBITDA outturn ahead of our previous expectations. Following the results, we leave our forecasts unchanged, looking for ARR moving to £30.0m by FY 2024E from the £11.1m reported, with both new cli
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective omni-channel solution to successfully compete with online only players. The group has this morning announced that it has successfully secured three contract wins, all with new customers, of between three and five years in duration, providing a £1.8m increase in ARR with customers spread across both retail segments and geographies.
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to successfully compete with online only players. The group has this morning released an upbeat year-end update, pointing to good revenue growth and with the EBITDA outturn for FY 2021E ahead of our forecast. Looking ahead, the Board remains confident of delivering a ‘near doubling' of ARR by 2024 and we leave our FY2022E – FY 2024E estimates unchanged. Wit
itim is a disruptive SaaS-based platform that enables store-based retailers to implement a proven and highly effective Omni-channel solution to compete successfully with online only players. Three months on from its IPO, the group has this morning released robust interim results to 30 June, demonstrating positive trading momentum, good progress in building the team for future growth and full year results anticipated in line with our expectations. With an already established customer base and a h
itim is a disruptive SaaS-based platform for the retail sector. The COVID-19 pandemic has significantly accelerasted consumer trends towards online-first shopping that had already begun to manifest during the past decade. For store-based retailers, the result is that a clear Omni-channel strategy that provides, for the consumer, a seamless and frictionless personalised shopping experience, no matter the channel of access or location, has gone from a “nice to have” to an “imperative”. itim has de
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Companies: FTC NANO BBB
Cavendish
Alphawave announced a third consecutive quarter of bookings over US$100m with bookings for 2Q24 of US$107m, up 27% YoY. The company also had a record quarter for design wins with 14 in total from new and existing customers, several of which were for hyperscalers and leading semiconductor companies. Wins included not just those for the company's advanced connectivity products but also for its new ARM-based compute chiplet solutions, as the company broadens out its product offering. Evidence conti
Companies: Alphawave IP Group PLC
Capital Access Group
Companies: Intercede Group plc (IGP:LON)Cornish Metals Inc. (CUSN:LON)
Through a buy and build strategy, Learning Technologies Group (LTG) has established a distinctive international position in corporate e-learning with a broad range of software and service offerings. LTG has been growing apace and profit margins have been rising strongly. The recent acquisition of LMS provider NetDimensions is the last major piece in the technological jigsaw. Attractive growth drivers and synergies from the NetDimensions acquisition put the company in a strong position to generat
Companies: Learning Technologies Group Plc
Edison
Joiners DSW Capital plc (DSW.L) a profitable, fast growing, mid-market, challenger professional services network joins AIM. DSW operates a licencing model and licences the DSW and associated brand names in return for a royalty based on a percentage of fee income. Public Policy Holding Company (PPHC.L) leading bi-partisan, full-service US government affairs business joins AIM. Through its wholly-owned companies, PPHC operates a portfolio of independent firms that offer public affairs, crisis mana
Companies: OHG RUA SAR ZOO PCA CCS SRC GDLF
Hybridan
21 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec
Companies: SLP AXL BGO ZOO VRS SPR
28th April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: TGIF BEM WYN ZOO SDX TM17 GDLF
Alphawave Semi supplies cutting edge connectivity solutions for the world's most demanding applications in digital infrastructure. Over the last two years the business has been transformed and it now licences its Intellectual Property (IP), supplies custom silicon and, from 2024, should supply optical connectivity silicon. The company generated revenue of US$185m in 2022 and is targeting growth to cUS$500m by 2025 with a consensus forecast of 102% pa growth in pre-tax profit over the period. Whi
Alphawave's shares have recovered almost half of the losses experienced when forward guidance to 2025 was reduced in April. Following what was a difficult set of FY23 results, the company's recent Capital Market's Day (CMD) set out a powerful case for a continuation of the recovery in the share price, amplifying the group's potential to ride the magic carpet of hyperscaler driven demand for its connectivity Intellectual Property (IP) and its products. Not only were estimates for total addressabl
At its recent Capital Market's Day (CMD - see our note from 5th June), Alphawave announced itself as the first company to deliver chiplets leveraging Arm's Neoverse computing technology offering scalable, interchangeable and customisable solutions to its customers. Alphawave has now formally launched this advanced chiplet built on Arm Neoverse Compute Subsystems which is targeted at artificial intelligence/machine learning, high-performance compute, data centre, and 5G/6G networking infrastructu
Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen
Companies: Touchstar plc
Devolver has attracted strategic interest and raised $10m at a 10% share price premium. We believe this transaction, combined with peers’ strong trading updates and positive market data, could indicate the early stages of sector recovery and undervaluation. Devolver’s shares trade at only 11x ex-cash PE and 9x EV/ Adjusted EBIT for 2026
Companies: Devolver Digital, Inc.
FY24 Adjusted EBITDA was slightly ahead of consensus estimates, while revenue and net cash were in line. We leave our above consensus FY25 and FY26 estimates unchanged and see room for outperformance. We believe Cyber Security market growth and the trend towards managed services remains strong, while the Technical Assurance Services (TAS) unit’s drag on group growth should reduce significantly in FY25. We continue to see multiple opportunities for improvement remaining in the company’s turnaroun
Companies: NCC Group plc
Beeks inks a multi-year contract extension at the Johannesburg Stock Exchange. The contract was first signed in September 2023, with the first extension in March 2024; the momentum reflects stronger-than-expected customer demand from JSE clients – this is a profit centre for JSE. The service is available at the JSE's Teraco data centre, addressing additional regulatory requirements for dual location disaster recovery (customer upselling). The value was not disclosed; guidance is that the contrac
Companies: Beeks Financial Cloud Group Plc
Progressive Equity Research
GetBusy’s FY23 results show organic revenue growth of +10% to £21.1m, FY23 adjusted EBITDA +£0.1m ahead of our +£0.3m upgrade at the January trading update, and a promising outlook that leads us to reiterate our FY24E forecasts. At constant currency, ARR grew +10% yoy to £20.5m, recurring revenue grew +12% to £20.3m, and net revenue retention of 100.0% per month reflects upselling and price increases, with gross monthly churn of 0.8% per month vs 0.9% in FY22. Within SmartVault, the July 2023 la
Companies: GetBusy Plc